Emily Tan
Jul 6, 2018

WPP threatens to pull Sorrell's bonus if he wins MediaMonks

Sorrell spokesman describes threat as "bollocks".

WPP threatens to pull Sorrell's bonus if he wins MediaMonks

WPP has reportedly warned Sorrell (pictured) that if he wins the bid for the agency, he stands to lose his £20 million (US$26.4 million) bonus as he may be in breach of a confidentiality clause in his contract that precludes him from using information gleaned while still running the company. 

A spokesman for Sorrell described the warning letter issued by WPP's legal firm, Slaughter and May, as "bollocks". He told The Times that Sorrell would resist any attempt to withhold future bonus payments.

When contacted by Campaign, the spokesman said Sorrell had nothing further to add. 

On Tuesday, it was reported by the Financial Times that Sorrell's S4 Capital is looking into buying the Dutch-based digital content production company, as its first acquisition. 

Sorrell is believed to have been an admirer of MediaMonks during his days at WPP, when he was an investor in digital content business Vice Media.

Despite the resources of WPP, S4 Capital may have a strong chance of winning the bid as MediaMonks founders may "decide that protecting [its culture] from the crushing embrace of a tech behemoth is more important than achieving the highest price for the business," Tristan Rice, partner at M&A firm SI Partners told Campaign in a prior interview. 

Source:
Campaign UK

Related Articles

Just Published

1 hour ago

Dat Bike rides with Happiness Saigon as creative ...

The FCB-affiliated agency will consult on Dat Bikes’s creative, campaign strategy and communications.

2 hours ago

Cannes Lions under fire for lack of diversity

Abraham Abbi Asefaw, ousted dean of the Roger Hatchuel Academy learning program at Cannes, decries the decision to leave the program's leadership devoid of people of colour.

2 hours ago

Key lessons for marketers from L’Oréal Indonesia's ...

Umesh Phadke, L’Oréal's president director in Indonesia, holds forth on how the cosmetics giant rapidly grew what started as a two-person business, digitising a largely offline market while nippy D2C upstarts added to the competition.

3 hours ago

‘White supremacy is obvious in some client ...

Read anonymous quotes from Campaign’s diversity survey last year, and spare some time to take this year’s survey, which closes in two days.